OrganOx, the producer of the ‘metra’ normothermic machine perfusion (NMP) product, has announced the completion of a £6.4 million equity fundraise. The fundraise was led by Oxford Investment Consultants and supported by both existing and new shareholders.
According to a company press release, the investment will enable OrganOx to accelerate a number of programmes in its research and development pipeline, with a Phase I trial for a normothermic kidney perfusion device due to commence in late 2021.
As with liver transplantation, there is a clear unmet clinical need for technologies to improve the utilisation of donated kidneys, reduce waiting list mortality, and ensure more patients can benefit from a life-changing transplant, the release adds.
The fundraiser enabled the conversion of £5.35 million in convertible loans from August 2020 to be converted into equity, transforming OrganOx’s balance sheet.
Oern Stuge, OrganOx chair and former Medtronic president, commented: “The company faces an important year with a continued commercial rollout in the UK and Europe, and preparations to launch commercial activities in the USA pending FDA [Food and Drug Administration] approval.”